VNO - Vornado Realty Trust

[fareastwarriors]

More fuel for the fire.

 

Who still needs the office? U.S. companies start cutting space

https://www.reuters.com/article/us-usa-results-realestate/who-still-needs-the-office-u-s-companies-start-cutting-space-idUSKCN24N2NL

 

Morgan Stanley in June forecast that work-from-home policies will increase vacancy rates in office buildings. Vacancy rates in New York will reach 10%-12% in the next two to five years from 8.7% now, while San Francisco will reach 7-9% from 5.8%, it predicted.

 

So far, concerns about declining office space use have not hurt commercial mortgaged-backed securities, with the iShares CMBS ETF up 4.4% for the year to date.

[thepupil]

Finally, after 3 months of drought. 220 CPS units are closing again.

 

$109mm cash going to VNO (~$260mm since Q1 end)

 

https://streeteasy.com/building/220-central-park-south-new_york#tab_building_detail=2

 

Corona-what? Two condos at 220 Central Park South fetch $109M

Vornado has pandemic problems, but lucrative tower contracts predated virus

 

The pricier of the four-bedroom units, on the 68th floor, traded for $55.5 million. The buyer, a foreign limited liability company KMZM LLC, went into contract for the property in October 2018.

The 5,935-square-foot unit was listed at $60 million, according to the most recently amended condo offering plan. Vornado increased the price from the original offering plan’s asking price of $51.5 million. The sale closed July 21. A week earlier, a unit of the same size on the 64th floor closed for $53.9 million. Purchased through an LLC, it went into contract in 2015. The final listing price for the four-bedroom pad was $58 million, up from the original $49 million.A similar pair of deals closed in April for a combined haul of $110 million. Those transactions were on the 63rd and 65th floors. Weeks earlier, sales of units on the 61st and 62nd floors closed.Vornado’s luxury condominium continues to be a cash cow for the real estate investment trust as the coronavirus pandemic has forced a massive writedown on some of its retail properties. In the second quarter, the REIT reported a $49 million after-tax net gain from sales at 220 Central Park South.

 

[johnny]

“There’s sort of an emerging sense behind the scenes of executives saying, ‘This is not going to be sustainable,’” said Laszlo Bock, chief executive of human-resources startup Humu and the former HR chief at Google. No CEO should be surprised that the early productivity gains companies witnessed as remote work took hold have peaked and leveled off, he adds, because workers left offices in March armed with laptops and a sense of doom.

 

...

 

The nature of what some companies do makes it tough, if not impossible, to function remotely. In San Francisco, startup Chef Robotics recently missed a key product deadline by a month, hampered by the challenges of integrating and testing software and hardware with its engineers scattered across the Bay Area. Pre-pandemic, they all collaborated in one space.

 

Problems that took an hour to solve in the office stretched out for a day when workers were remote, said Chief Executive Rajat Bhageria. “That’s just a logistical nightmare,” he said.

 

...

 

The Boston-based video technology firm OpenExchange, which helps run large, online conferencing events, is going a step further to bring employees together. Workers on the company’s European team said they could benefit from some in-person interaction during this time of huge growth at the company. So in late July, OpenExchange is renting a house in the English countryside, with about 15 bedrooms, so many of its employees can live and work together, while still distancing. In some cases, family members are coming along.

 

It’s important to have people in a room and see body language and read signals that don’t come through a screen, says Mark Loehr, the CEO, noting the event is optional. “They’re going to do their work there—modestly, individually, sometimes in group rooms—but try to meet together for breakfast, lunch and meals,” he says. “And maybe out on the lawn, just to know each other.”

 

Pretty funny that the makers of, essentially, telecommuting software have found the practice unsustainable.

 

I will note, not especially relevant to the price point of VNO, I’m hearing very hilarious stories about how employees are making the most out of WFH. Particularly, a friend of a friend who works in some call center/tech support capacity just kicking his mouse around with his foot while he plays Animal Crossing all day, as the current ~productivity monitoring~ tech is apparently sufficiently naive to be pleased by that.

 

https://www.wsj.com/articles/companies-start-to-think-remote-work-isnt-so-great-after-all-11595603397

[thepupil]

it's actually owned by brookfield, but this is more relevant to VNO:

 

https://therealdeal.com/2020/07/24/chopard-moving-flagship-to-fifth-avenue/

 

Chopard moving flagship to Fifth Avenue Deal brings some hope to battered market

 

The luxury jeweler Chopard is giving some sparkle to a suffering market with a new lease at the Crown Building, where it will open opposite Tiffany’s and Trump Tower. When it debuts at Fifth Avenue and West 57th Street next March, the jeweler will have 2,422 square feet between the ground floor and lower level. The news was first reported by Women’s Wear Daily.

 

Sources said the rent is around $3,500 per square foot. While a far cry from the $5,500 paid by Bulgari at the top of the market for 6,500 square feet at the corner, it is a welcome development for an industry battered by the coronavirus, rent disputes, bankruptcies and closures.

 

 

 

 

[thepupil]

Another $100mm unit sold, $12K/foot, $350mm or so of proceeds since Q1

 

https://www.google.com/amp/s/therealdeal.com/2020/07/27/100m-penthouse-at-220-cps-is-latest-in-string-of-closings-for-vornado/amp/

[thepupil]

think they should have cut more, but whatever. hands tied by taxable income distribution i suppose.

 

Vornado Declares Quarterly Common Dividend of $.53 per Share, a New Indicated Annual Rate of $2.12

NEW YORK, July 30, 2020 (GLOBE NEWSWIRE) -- VORNADO REALTY TRUST (NYSE:VNO) announced today that in recognition of the uncertain and rapidly changing environment caused by the COVID-19 pandemic, its Board of Trustees has declared a decreased quarterly dividend of $.53 per share, an annual dividend rate of $2.12. The decrease is consistent with Vornado’s policy of paying out 100% of taxable income.

The dividend will be payable on August 21, 2020 to shareholders of record on August 10, 2020.

Vornado Realty Trust is a fully-integrated equity real estate investment trust.

[thepupil]

https://s23.q4cdn.com/623119702/files/doc_news/2020/08/Facebook-Leases-730-000-Square-Feet-at-Vornado-s-Farley-Building-(1).pdf

 

Looks like a pretty brutal quarter otherwise, but we got Facebook done (can’t find terms though)

 

Facebook Leases 730,000 Square Feet at Vornado’s Farley Building

NEW YORK, Aug. 03, 2020 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE: VNO) today announced that Facebook (Nasdaq: FB) has leased 730,000 square feet comprising all of the office space at The Farley Building in Vornado’s PENN DISTRICT.

The Farley Building is a cornerstone of Vornado’s new PENN DISTRICT, where Vornado owns 10 million square feet and is in the midst of a more than $2 billion district-wide transformation of the neighborhood alongside government infrastructure and transportation improvements of more than $3 billion. Farley occupies a double-wide block between 31st and 33rd Streets and stretches from 8th to 9th Avenues. It is adjacent to Penn Station, the busiest transportation hub in the nation, and across the street from Madison Square Garden. 

Farley is an iconic Beaux Arts New York City landmark designed by McKim, Mead & White that Vornado is converting into a state-of-the-art, mixed-use development featuring best-in-class creative office space, while retaining the rich history of the building’s original design. Farley’s large floorplates offer a horizontal campus unique to Manhattan and similar to tech offices in Silicon Valley. The full complex will include Facebook’s office space; the majestic Moynihan Train Hall; and 120,000 square feet of retail space with food and beverage, full-service restaurants and curated lifestyle brands. The project is expected to be completed in phases beginning by year-end 2020.

Steven Roth, Chairman and Chief Executive Officer of Vornado, commented, “We are delighted to welcome Facebook to The Farley Building, a property like no other in New York City. Facebook’s commitment to Farley expands our long-standing relationship and advances our vision for the PENN DISTRICT, the new epicenter of Manhattan. Facebook’s commitment is a further testament to New York City’s extraordinary talent and reinforces New York’s position as the nation’s second tech hub.”

"Facebook first joined New York’s vibrant business and tech community in 2007. Since that time, we’ve continuously grown and expanded our presence throughout the city. The Farley Building will further anchor our New York footprint and create a dedicated hub for our tech and engineering teams. We look forward to being a part of this iconic New York City landmark’s future for years to come," said Robert Cookson, VP of Real Estate and Facilities, Americas, EMEA and APAC at Facebook.

Vornado’s transformation of the PENN DISTRICT is well underway, anchored by the previously announced redevelopments of Farley, PENN 1 and PENN 2. Renderings of the Farley redevelopment and additional information on the PENN DISTRICT are available at https://www.vno.com/penn-district.

In New York City, in addition to The Farley Building, Facebook leases office space at Vornado’s 770 Broadway and in nearby Hudson Yards. The Farley development is owned 95 percent by Vornado and 5 percent by The Related Companies.

Founded in 2004, Facebook's mission is to give people the power to build community and bring the world closer together. People use Facebook's apps and technologies to connect with friends and family, find communities and grow businesses.

Vornado Realty Trust is a fully-integrated equity real estate investment trust.

[thepupil]

on the call, roth talking up putting a $1.5B mortgage on 555 california (which is way above my expectations).

 

At VNO's share that would give the $670mm of cash and would be equivalent to tax free monetization at a 5.7% cap (but you keep the equity/upside). I assume they can now also extract maybe like $750mm from Farley office (hard to say as we don't know terms) once that's complete.

 

then theMart is also very underlevered, so could see similar.

 

I think VNO has been de-risked substantially over the past month or so. the long term supply/demand issues with NYC office remain and retail is an absolute shitshow, but the worst case of Farley not happening and 220 CPS units somehow not closing has been removed and we have an 1/8 of office NOI (1290 and 555) likely to be monetized soon.

[Spekulatius]

Throwing a curveball here. I did a deep dive during lunch break  8) and checked out BXP and think it’s a better buy when comparing it to VNO

Reasons:

1) pure office play, no crappy and likely permanently retail

2) BXP has outperformed on every time scale I looked at

3) The financial statements look cleaner and more straightforward to me. VNO’s my head spin with all those adjustments.

4) BXP is better diversified with large in Boston (~35% of assets, NYC ~25% , Washington, CA and others). I also think they almost anything will outperform NYC at this conjuncture.

 

It is likely that BXP’s discount to NAV is less, but who knows. That alone is not a reason to prefer VNO if BXP is better in every other aspect.

 

Perhaps I am missing something, but I like to do Stock A vs Stock B tests and kind of make Mental list which looks better and BXP does look better to me.

[thepupil]

Spek, how dare you suggest a worthy alternative to my beloved. It offends me. As head of Vornado COBF IR, I have presided over an illustrious 50% drawdown and collapse in FFO. How could you!?!

 

BXP is different. As you note it has diversity, scale, a nice smooth FFO / share growth, it's the low cost capital leader. It's the REIT lover's REIT and it is indeed attractive on an absolute basis.

 

I think VNO is much cheaper as a lot of VNO's "adjustments" get de-risked (adjustments = 220CPS, development pipeline, retail preferred, non-NYC trophies (theMart, 555 California), etc.

 

Most BXP NAV estimates that I've seen are $120-$140 (62-73%). VNO is more like $75-$95 (37-48%), though the upper end of that is pretty aspirational on the retail.

 

More detailed thoughts later. dinner is calling.

 

 

 

 

From the ALX thread:

 

I think there are lots of prom queens within the REITs that are down 40-50%. BXP (and CUZ) for example has 51mm sq feet of mostly prom queens and has traded to a 7-8 cap, which at that price it’s kind of like “why deal with this Penn Station/ 220CPS / NYC oversupply bullshit, I’ll just own the SPG’s* of office”. Of course, BXP probably will never be taken out so it’s less event-y than others and BXP is 26% NYC and 7% DC which aren't the best office markets.

...

*by this I mean the lowest cost of capital (until now), highest quality, guys with scale and that the sell side likes, the accretive issuers, the true REITs

[Gregmal]

Ive been realizing that even some of the prom queens now moreso resemble prom queens that went on to become porn stars...There isn't very much in office/retail that is going to get credit(or a reasonable multiple) any time soon. Obviously I think this is a generational "reset" so to speak(at least with the higher quality names), but its amazing watching how these things trade compared to something like ARE. Its like "wait! what? REIT trading up on a green day and holding it on on a red day? I thought they always just go down."

[fareastwarriors]

Ive been realizing that even some of the prom queens now moreso resemble prom queens that went on to become porn stars...There isn't very much in office/retail that is going to get credit(or a reasonable multiple) any time soon. Obviously I think this is a generational "reset" so to speak(at least with the higher quality names), but its amazing watching how these things trade compared to something like ARE. Its like "wait! what? REIT trading up on a green day and holding it on on a red day? I thought they always just go down."

 

lol...

[montizzle]

Ive been realizing that even some of the prom queens now moreso resemble prom queens that went on to become porn stars.

 

You're not wrong, but won't you be kicking yourself in 30 years for not getting with the porn star when you had a chance?

[Spekulatius]

Ive been realizing that even some of the prom queens now moreso resemble prom queens that went on to become porn stars...There isn't very much in office/retail that is going to get credit(or a reasonable multiple) any time soon. Obviously I think this is a generational "reset" so to speak(at least with the higher quality names), but its amazing watching how these things trade compared to something like ARE. Its like "wait! what? REIT trading up on a green day and holding it on on a red day? I thought they always just go down."

 

Strictly from business perspective, a porn Star is likely cash flowing better than a prom queen. I would regard myself more inclined to invest in a porn star than in a prom queen.

[Gregmal]

Ive been realizing that even some of the prom queens now moreso resemble prom queens that went on to become porn stars.

 

You're not wrong, but won't you be kicking yourself in 30 years for not getting with the porn star when you had a chance?

 

Well thats the question. Are these a worthy fling, or a long term commitment?

 

Porn star vs prom queen... prom queen never has a great cashflow, but marries rich banker, tech guy, athlete, etc and is happily ever after. Porn star incinerates all her cash and is a washed up junkie by 32.

[thepupil]

i don't know man

 

- both sides of times square signage

- upper fifth retail much of which is leased for term

- 0-50% LTV preferred instrument on said retail

- 70% of $85mm NOI SF building leased for term w/ below market rents/blue chip tenants

- biggest lease of year with top tech company adjacent to most busy transportation hub in the US, how long is this lease going to be? 10? 15? 20?

- all buildings surrounding said hub and your beloved Madison Square Garden

- building in chicago that has its own zip code, generates $80-$100mm NOI as revitalized tech hub/trade show destination

- controlling stake in trophy building leased to bloomberg

- 90% sold, $1B+ profit, $3B sell through condo building overlooking central park

- $4 Billion of liquidity to take advantage of turmoil, keep the assets relevant, distribute to shareholders once we're through the '21 refi wall / development

 

seems pretty prom queen to me.

 

one's not supposed to get emotional about a stock...

 

scroll through all 400 pages of the manhattan portfolio book and tell me that you're not excited to partner up with this prom queen.

 

http://books.vno.com/books/mzcd/#p=1

[thepupil]

I go to the NY Post for all my investment advice

 

NYC office market shows sign of life despite predictions of downfall

We hate to puncture the doom-and-gloom bubble — it’s such fun to read about the inevitable collapse of the city’s office market — but allow us an upbeat column, full of happy and hopeful tidings all around.

 

Let’s start with One Vanderbilt, SL Green’s all-but-completed cloudbuster next to Grand Central Terminal. Since the start of the pandemic, the $1.7 billion, 1,401-foot-tall skyscraper where office rents are among the city’s highest has raised its pre-opening tenancy from 65 percent in February to 70 percent, SL Green president Andrew Mathias told us on Monday. Financial firm Oak Hill added to its original commitment and two small private-equity firms signed new leases.

 

Mathias said the ribbon-cutting is likely to be held on Sept. 14 or 15, by which time SL Green’s newly created public plaza between the tower and the terminal “will be fully operational,” along with $200 million in improved transit and pedestrian amenities which the developer agreed to provide.

 

Office rents at One Vanderbilt range from $125 to $300 per square foot, according to an investor presentation in December.

 

Way downtown, the Seaport District has looked dead of late, lacking tourists, office workers — and restaurants. But Howard Hughes Corp., which runs the seaport under a lease with the city, says things are cooking again on Pier 17 — literally.

 

Malibu Farm reopened last week. On the pier roof, The Greens is also up and running. It boasts 28 canopied “mini-lawns” with lawn chairs that promise the “ultimate social distancing” and features a light menu and cocktails.

 

David Chang’s new Ssam Bar outdoor patio is due by the end of this month, Howard Hughes spokesman James Yolles said. Andrew Carmellini’s casual Mr. Dips is on track to open soon.

 

SEE ALSO

 

Midtown tower will make Grand Central area a pedestrian haven

Jean-Georges Vongerichten’s massive Fulton restaurant has been undergoing renovations that are to be completed this month, with outdoor seating expected to follow soon after.

 

And the Seaport’s largest new project, Vongerichten’s 40,000-square-foot food hall inside the landmarked and slightly relocated Tin Building, is due in 2021.

 

The office market shows reassuring signs of life since the grim second quarter, Manhattan’s slowest since 2009. Not including renewals, it was “the worst quarter we have ever recorded,” according to CBRE.

 

It’s no surprise in the midst of the COVID-19 pandemic and given that “everybody” will soon work from home. Didn’t Mark Zuckerberg himself say that Facebook employees wouldn’t return to their offices until mid-2021?

 

But there’s a disconnect between short-term, crisis-driven strategies and the longer term. Most CEOs — Zuckerberg included — clearly believe that even this most terrible of crises has a finite duration.

 

Facebook’s lease for 780,000 square feet last week at Vornado’s Farley Building comes on top of the millions of square feet it already has in Manhattan including at Hudson Yards.

 

Several other notable large deals have recently been completed. Late in the second quarter, TikTok signed for 230,000 square feet at the Durst Organization’s One Five One (the deal has closed so it’s likely unaffected by a possible TikTok sale).

 

Since the start of the third quarter, AIG took 325,000 square feet at Rockefeller Group’s 271 Sixth Ave. and 220,000 square feet at Fosun’s 28 Liberty St. Raymond James took 160,000 square feet at Mutual of America’s 320 Park Ave. Meanwhile, we’re told that IBM is hunting more space of up to 100,000 square feet at various locations.

 

SEE ALSO

 

Facebook closes on massive NYC office expansion

How can there be so much activity? BRE research director Nicole LaRusso said, “While there is a great deal of uncertainty in the horizon, major occupiers still see themselves maintaining a sizable office presence in Manhattan, and feel optimistic about their business prospects in the city to move ahead with significant new commitments.”

 

What about rental apartment values? Isn’t everyone fleeing to the suburbs? KKR is teaming up with Dalan Management to buy a Brooklyn apartment complex in a deal valued at over $800 million — not exactly a no-confidence vote.

 

On the retail front, Ted’s Montana Grill just renewed on its 6,100-square-foot outpost at 1271 Sixth Ave. — this in the heart of what’s now a sleepy Midtown office corridor. The steakhouse co-founded by Ted Turner has been at the West 51st Street corner since 2006.

 

A few blocks away, luxury jeweler Chopard leased a 2,500-square-foot retail space at the Crown Building at Fifth Avenue and 57th Street.

 

None of this means the commercial market’s fully on the mend. There are going to be more bankruptcies, broken leases and ruined companies. Landlords, brokers and the lawyers and accountants who serve them will be losing sleep for a long time to come.

 

But it does suggest that end-of-the-world scenarios are wildly overblown — just as all prior predictions of the Big Apple’s demise have been.

[BG2008]

Pupil,

 

Let's go here when Covid is over.  Avra is one of my favorite Greek seafood restaurants.  We are not talking about Gyros. 

 

https://nypost.com/2020/08/12/avra-estiatorio-signs-16500-square-foot-lease-in-midtown/

 

But then Thomas Keller of Per Se and French Laundry fame can't make it.  This is a sad day for the restaurant business.

 

https://pagesix.com/2020/08/12/thomas-keller-permanently-shuttering-hudson-yards-eateries/?_ga=2.252811854.677396931.1597278079-1897650854.1531186895

[Spekulatius]

Pupil,

 

Let's go here when Covid is over.  Avra is one of my favorite Greek seafood restaurants.  We are not talking about Gyros. 

 

https://nypost.com/2020/08/12/avra-estiatorio-signs-16500-square-foot-lease-in-midtown/

 

But then Thomas Keller of Per Se and French Laundry fame can't make it.  This is a sad day for the restaurant business.

 

https://pagesix.com/2020/08/12/thomas-keller-permanently-shuttering-hudson-yards-eateries/?_ga=2.252811854.677396931.1597278079-1897650854.1531186895

 

There arn’t many things about Long Island I truly miss, but one of them are various Greek food joints. You also could get excellent German food in the Long Island “time capsule”.

[BG2008]

Pupil,

 

Let's go here when Covid is over.  Avra is one of my favorite Greek seafood restaurants.  We are not talking about Gyros. 

 

https://nypost.com/2020/08/12/avra-estiatorio-signs-16500-square-foot-lease-in-midtown/

 

But then Thomas Keller of Per Se and French Laundry fame can't make it.  This is a sad day for the restaurant business.

 

https://pagesix.com/2020/08/12/thomas-keller-permanently-shuttering-hudson-yards-eateries/?_ga=2.252811854.677396931.1597278079-1897650854.1531186895

 

There arn’t many things about Long Island I truly miss, but one of them are various Greek food joints. You also could get excellent German food in the Long Island “time capsule”.

 

Are there any Greek Seafood joints on Long Island?

 

[Spekulatius]

Pupil,

 

Let's go here when Covid is over.  Avra is one of my favorite Greek seafood restaurants.  We are not talking about Gyros. 

 

https://nypost.com/2020/08/12/avra-estiatorio-signs-16500-square-foot-lease-in-midtown/

 

But then Thomas Keller of Per Se and French Laundry fame can't make it.  This is a sad day for the restaurant business.

 

https://pagesix.com/2020/08/12/thomas-keller-permanently-shuttering-hudson-yards-eateries/?_ga=2.252811854.677396931.1597278079-1897650854.1531186895

 

There arn’t many things about Long Island I truly miss, but one of them are various Greek food joints. You also could get excellent German food in the Long Island “time capsule”.

 

Are there any Greek Seafood joints on Long Island?

 

Well Huntington was close to where we lived and has probably the most restaurants. Neraki was good, but I am not sure it meets the requirements of a sophisticated  NY Palate. We also liked Aegean Grill in East Northport, but the latter is not a sea food place per say.

https://neraki.com/

[thepupil]

Article implies that 1290 is doing $90+ million of NOI. If it’s doing $63mm of cash flow after debt service with a $950mm 3.3% IO loan on it

 

Also says specifically VNO looking to sell, not just borrow more.

 

So roughly 12% of VNO’s existing office NOI ($85mm 555, $95mm 1290, *0.7= $120mm ish with roughly $1B of office NOI) is in play.

 

Green Street figures of $3.7B for both building’s gross value is a high 4’s cap rate.

 

I’ll believe that when I see it!

Also note that these two buildings are a big chunk of the upcoming maturity/refi wall.

 

Bloomberg article today discussing trump's decline in net worth. It confirms that 2019 NOI on 1290 AoA is $100mm and highlighted there is a CMBS on this one which I had previously not seen.

 

don't have access to CMBS documents, so have to google around, but nevertheless find these are helpful for the non-professional to get an idea of what tenant pays what, what are the main risks in a building, etc.

 

1290:

https://ratingagency.morningstar.com/PublicDocDisplay.aspx?i=NFoOdtw2Vyo%3D&m=i0Pyc%2Bx7qZZ4%2BsXnymazBA%3D%3D&s=LviRtUKXqs8kml5dHt7FTeE2SZmY0Fvqd4iX49Mk%2F9UapyiFTEO6TA%3D%3D

 

https://www.fitchratings.com/research/structured-finance/fitch-affirms-vndo-2012-6ave-mortgage-trust-15-04-2020

 

they are also helpful for getting feel of market direction. if 1290 transacts, we can compare that price / borrowing terms, etc.  to the CMBS doc from 2012 or whatever.

 

The same Bloomberg article implies that VNO’s stake in 555 and 1290 is worth about $1.7B of equity (based on what they think Trump’s 30% stake is worth), that’s a decent haircut to sell side to some estimates I’ve seen and implies something like a 6% cap rate on the buildings.

 

[fareastwarriors]

Demand for NYC Trophy Office Tower CMBS Allays Pandemic Concerns

 

https://www.bloomberg.com/news/articles/2020-08-14/demand-for-nyc-trophy-office-tower-cmbs-allays-pandemic-concerns?srnd=premium

[BG2008]

Pupil,

 

Let's go here when Covid is over.  Avra is one of my favorite Greek seafood restaurants.  We are not talking about Gyros. 

 

https://nypost.com/2020/08/12/avra-estiatorio-signs-16500-square-foot-lease-in-midtown/

 

But then Thomas Keller of Per Se and French Laundry fame can't make it.  This is a sad day for the restaurant business.

 

https://pagesix.com/2020/08/12/thomas-keller-permanently-shuttering-hudson-yards-eateries/?_ga=2.252811854.677396931.1597278079-1897650854.1531186895

 

There arn’t many things about Long Island I truly miss, but one of them are various Greek food joints. You also could get excellent German food in the Long Island “time capsule”.

 

Are there any Greek Seafood joints on Long Island?

 

Well Huntington was close to where we lived and has probably the most restaurants. Neraki was good, but I am not sure it meets the requirements of a sophisticated  NY Palate. We also liked Aegean Grill in East Northport, but the latter is not a see food place per say.

https://neraki.com/

 

Limani is legit in Roslyn

 

https://www.tripadvisor.com/Restaurant_Review-g48522-d1370188-Reviews-Limani-Roslyn_Long_Island_New_York.html

 

I had an awesome time at Milos years ago after closing a deal.  Someone else was picking up the tab and it was a pricey dinner and the booze flowed.  - It's like Nikola territory, but a great time. 

 

Avra is awesome, a bit pricey, GARPy territory

 

Astoria Seafood in Long Island City is the best pick for Deep Value 

 

Taverna Kyclade in Astoria is solid value, kind of like mid ground between Deep Value and GARPy

 

God, I miss Greek restaurants in NYC

[thepupil]

Gained TCI, lost Blackstone (who mostly blew out of their liquid real estate at first glance) on the register. Chris Hohn is truly one of the best, but I’d rather have BX in this case!

 

BG, your longing for delicious restaurants and all these headlines about NYC exodus are depressing!